Shareholders Sue Inovio Pharmaceuticals Over DNA Technology Claims

A class action lawsuit was filed against Inovio Pharmaceuticals (INO) on February 6, 2026.

Plaintiffs – shareholders – in the federal securities class action allege that they acquired Inovio stock at artificially inflated prices between October 10, 2023 and December 26, 2025, known as the “Class Period”. They are now seeking compensation for financial losses incurred upon public revelation of the company’s alleged misconduct during that time. To learn whether you may be eligible for a recovery under this securities lawsuit, click here.

Company Background

Inovio is a biotechnology company, which concentrates its efforts on developing and commercializing DNA medicines. It focuses on diseases such as cancer as well as infectious illnesses and those related to HPV.

As detailed in the complaint, Inovio’s DNA medicines consist of  two components. These are DNA plasmids that  the body’s cells can “download” to produce specific proteins to target and fight disease;  and a proprietary investigational medical device called “CELLECTRA.” The latter is supposedly used to facilitate cellular entry for the company’s DNA medicines.

As also detailed in the complaint, the company’s  lead product candidate is INO-3107, which is designed  for the treatment of recurrent respiratory papillomatosis (“RRP”). RRP is  a life-long, rare disease of the respiratory tract caused by HPV infection. The company’s claims about the INO-3107 are at the crux of the complaint.

Why are Inovio Shareholders Angry?

The company and two of its senior officers (the “Individual Defendants”) are now accused of deceiving investors by lying and withholding important information about Inovio’s business practices and prospects during the Class Period.

In particular, they are accused of omitting truthful information about the manufacturing of the company’s CELLECTRA device and its effects on the submission of the IN O-3107 Biologics Licensing Application (“BLA”) to the FDA, from SEC filings and related material. By knowingly or recklessly doing so, they  allegedly caused Inovio stock to trade at artificially inflated prices during the time in question.

After the company made an initial disclosure several months before, the full truth came out before the market opened on December 29, 2025. That’s when Inovio issued a press release announcing that the FDA had accepted the INO-3107 BLA on a standard rather than accelerated review. In this context, the company also announced that it does not plan to seek approval under the standard review timeline and would request a meeting with the FDA to discuss how it may still pursue accelerated approval.

Taking a Closer Look

As alleged, Inovio and/or the Individual Defendants repeatedly made false and misleading public statements throughout the Class Period.

In a press release issued at the beginning of the Class Period, for instance, the company stated in relevant part: “INOVIO . . . has received feedback from the [FDA] that data from its completed Phase 1/2 trial of INO-3107 for the treatment of RRP could support INOVIO’s submission of a BLA for review under the FDA’s accelerated approval program. The FDA also advised that the company’s previously planned Phase 3 randomized, placebo-controlled trial would not be required to support this submission. INOVIO will be required to initiate a confirmatory trial prior to BLA submission for accelerated approval and satisfy all other FDA filing requirements . . .”

Then, in a November 9, 2023 press release, the company’s CEO, an Individual Defendant, stated in pertinent part: “Following Breakthrough Therapy designation from the FDA in September and subsequent feedback that we no longer need to complete a Phase 3 trial prior to submitting a BLA under the accelerated approval program, our team is laser focused on next steps.”

Finally, in a January 3, 2024 press release, Inovio’s CEO stated in pertinent part: “[b]ased on productive discussions with the FDA, we believe we now have established a path to submitting a BLA for INO-3107 under the accelerated approval program,” and that “[o]ur plan is to complete the submission of our BLA in the second half of 2024 and request a Priority Review.”

Actions You May Take

If you have purchased the company’s stock during the Class Period, you may join the class action as a lead plaintiff, remain a passive class member, or opt out of this litigation and pursue individual claims that may not be available to the class as a whole. To learn more about your options, click here.

The deadline to file for lead plaintiff in this class action is April 7, 2026.